Economy Watch - Follow The Money Find Us On: Facebook Twitter LinkedIn Subscribe: rss _______________ Search * World Economy * Industries & Business * Companies & Investments * Personal Finance * Career Finder News: Iraq: Mixed Opportunities, Messy Outlook? (Part I: The Road To Entrapment) Date: 8 Feb 2012 * World Economy Overview * Featured Analysis * News Desk * Slideshows [dd_ico_economics.png] ECONOMICS Economics Theory | Economic Systems | Economists | Foreign Direct Investment (FDI) | Fortune 500 Companies | Gross Domestic Product (GDP) | Inflation | Interest Rates | International Organisations | Political Economy | Unemployment More Economics [dd_ico_featured.png] FEATURED ECONOMIES US Economy | China Economy | Japan Economy | Germany Economy | France Economy | UK Economy | Italy Economy | Brazil Economy | Canada Economy | Russia Economy | India Economy | Australia Economy | Mexico Economy | South Korea Economy | Malaysia Economy | Singapore Economy | Philippines Economy | Pakistan Economy More Economies ECONOMIC STATISTICS DATABASE Economic Statistics by Country | Economic Statistics by Indicator | Economic Statistics By Year | Price Index Indicators More Economic Statistics Regions All Regions & Countries News: How Can Virgin Money Shake Up the UK's Banking Sector? 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The African continent covers an area of 30.2 million square km which is equivalent to almost 20.4% of the total land area. Africa is surrounded by Mediterranean Sea, Suez Canal and the Red Sea, Indian Ocean, Atlantic Ocean and Sinai Peninsula. Africa has 54 states, including Madagascar and various island groups such as ‘Sahrawi’ The Africa economy is as diverse as the region. The southern parts are prosperous whereas the other parts struggle for stability. African economy is an extreme one, however, due to the presence of natural resources, has the potential to grow at a fast pace. Africa Economy: Overview The richest countries of Africa are South Africa and Egypt. As per 2009 statistics South Africa’s GDP (purchasing power parity) was $488.6 billion. Compared to the rest of countries, the country ranked 26th in the world. Recession decreased the volume slightly. The GDP in 2008 and 2007 was $498.1 billion and $483.1 billion respectively. Egypt GDP was almost similar at $470.4 billion in 2009, $450.1 billion in 2008 and $419.9 billion in 2007. On purchasing power parity, Egypt ranked 27th in the world. If one takes out the GDP of these two regions, the total GDP is less than a trillion when compared to Italy. Africa’s per capita GDP is extremely low and that is why it is the poorest continent. The weakest economies in Africa are Somalia and Malawi with as low as $600 and $596 per capita GDP. The Africa economy requires an industrial impetus to bring it out of poverty as it is the store of some of the rarest metals and precious stones. Africa has almost 90% of the world’s cobalt, 50% of gold 90% of platinum, 70% of tantalite, 98% of chromium, 64% of manganese and 33% of uranium. * Tweet * * * * Dot Div * Related News Iraq: Mixed Opportunities, Messy Outlook? (Part I: The Road To Entrapment) Iraq Economy Iraq: Mixed Opportunities, Messy Outlook? 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(Part I: The Road To Entrapment) World Economy Iraq: Mixed Opportunities, Messy Outlook? (Part I: The Road To Entrapment) Date: 8 Feb 2012 The Iraqi economy has gone through a roller coaster of changes for the last sixty years. In the first part of our analysis, we explore how Iraq fundamentally changed from an agricultural-based economy to one that relied solely on oil. We also question how this reliance on oil shaped the aftermath of Iraq’s economy and society after the Iran-Iraq war as well as the first Gulf war. Read more News Desk * Infographic: iBooks, iPads, and the Cost to Education * With Just One Condition, Mitsubishi Will Sell Dutch Factory ‘For One Euro’ * Google Succumbs To Censorship Order From Indian Court * D’oh! 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Iran Bans The Simpsons In Fight Against “Western Intoxication” * Infographic: iBooks, iPads, and the Cost to Education * Google Succumbs To Censorship Order From Indian Court * With Just One Condition, Mitsubishi Will Sell Dutch Factory ‘For One Euro’ * How Can Virgin Money Shake Up the UK's Banking Sector? * Iraq: Mixed Opportunities, Messy Outlook? (Part I: The Road To Entrapment) All featured articles * Iraq: Mixed Opportunities, Messy Outlook? (Part I: The Road To Entrapment) * Infographic: iBooks, iPads, and the Cost to Education * With Just One Condition, Mitsubishi Will Sell Dutch Factory ‘For One Euro’ * How Can Virgin Money Shake Up the UK's Banking Sector? * Google Succumbs To Censorship Order From Indian Court * D’oh! Iran Bans The Simpsons In Fight Against “Western Intoxication” All featured articles * U.S. Lifts Sanctions on Burma * IMF Warns China’s Growth May Halve If… * Ensuring Sustainable Development Is A Matter Of Human Decency: Jeffrey Sachs * International Pressure Force Greece To Cut 15,000 Public-Sector Jobs * Sarkozy’s Spends $16,000 A Day On Food, Total Annual Expenditure: $150 Million * Key Economic News To Watch This Week: Feb. 6 All featured articles Please Enable Javascript for this Oil Price widget to work Sign-up for our eNewsletter First Name ____________________ Last Name ____________________ Email ____________________ Submit We respect your privacy WORLD ECONOMY SECTIONS: * World Economy * Emerging Economies * Africa Economy * Americas Economy * Asia-Pacific Economy * Europe Economy * Economics Theories & Systems * Economics Statistics & Indicators Database * Economics News & Features EDITOR'S PICK: * The 12 Fastest Growing Economies For 2012 * Is Occupy Wall Street Bringing Back “Real” Capitalism? * Why Inequality Will Only Lead To Our Downfall: Nouriel Roubini INDUSTRIES & BUSINESS SECTIONS: * World Industries Directory * Industry Trends * International Organisations * Trade Organisations * Business Today * Doing Business * International Business Customs & Etiquette EDITOR'S PICK: * Banking’s Biggest Dilemma – Stability or Competition? : Xavier Vives * Europe’s Old Bank Business Models Are Obsolete: Gene Frieda * Oil Claims in South China Sea: Will International Law or Force Prevail? * The Blame Game: If The Banks Didn’t Cause The Financial Crisis, What Did? 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